Super millions waiting to be uncovered in Tassie

How to find your missing money

Super millions waiting to be uncovered in Tassie

New postcode data released by the Australian Taxation Office (ATO) shows people in Launceston led the state in reducing their lost and unclaimed super balance by over $1 million in 2017-18.

Assistant Commissioner Graham Whyte said now is the time for Tasmanians to reconnect with their lost super which is spread across the state in more than 46,000 accounts.

“We’re determined to help people find their super and I’m pleased to say that in the past financial year more than $56 million was consolidated into active super accounts by Tasmanians, giving their retirement savings a welcome boost,” Mr Whyte said.

“Our data shows that one Tasmanian account has more than $1 million waiting to be found.”

Residents of Devonport in particular should jump on myGov and check their super, as in the last financial year the lost and unclaimed amount owing to them has increased by more than $1.2 million.

Mr Whyte said people can lose contact with their super funds when they change jobs, move house, or simply forget to update their details.

“It’s important to remain engaged with your super fund through all stages of your career, not just when you are ready to retire.

“The data also reveals that more than a third of Australians still hold two or more super accounts.

“While we know that some people intentionally maintain a number of accounts, many are unaware that their super may be sitting in multiple accounts and possibly being eroded by fees.

“Once you have linked your myGov account to the ATO, you can view all your super account details, including any that have been lost or forgotten about, and consolidate your accounts with just a few clicks.

“Tax time is a great time for individuals to check up on their super, particularly if they plan on doing their own tax return using myTax.”

The ATO advises anyone who wishes to consolidate their accounts but is concerned about issues such as insurance linked to their accounts, to contact their super fund.

For information on how to manage your super and view all your super accounts including lost and unclaimed super, visit ato.gov.au/checkyoursuper

To find out how much lost super is in your postcode and to see other superannuation statistics visit ato.gov.au/lostsuper

 

Top five Tassie postcodes with the highest amount of lost and unclaimed super

 

Ranking

Postcode

Main areas

Total amount

difference from last year

1

7250

Launceston

$19,784,936

-$1,064,621

2

7310

Devonport

$11,224,242

$1,251,601

3

7018

Bellerive and surrounds

$8,859,937

-$776,859

4

7000

Hobart CBD

$8,248,918

$473,191

5

7010

Glenorchy and surrounds

$7,088,492

-$376,599

 

Top five Tassie postcodes that have reduced lost and unclaimed super

 

Ranking

Postcode

Main areas

Total amount

Reduction from last year

1

7250

Launceston

$19,784,936

-$1,064,621

2

7018

Bellerive and surrounds

$8,859,937

-$776,859

3

7053

Taroona and Bonnet Hill

$1,386,599

-$636,172

4

7008

Lenah Valley and New Town

$5,536,291

-$610,981

5

7005

Sandy Bay and surrounds

$5,025,510

-$586,739

 

Top five Tassie postcodes with the largest increase in lost and unclaimed super

 

Ranking

Postcode

Main areas

Total amount

Increase from last year

1

7310

Devonport

$11,224,242

$1,251,601

2

7249

Kings Meadows and surrounds

$5,322,972

$978,861

3

7054

Margate and surrounds

$5,572,975

$755,664

4

7325

Wynyard and surrounds

$4,012,178

$736,352

5

7315

Ulverstone and surrounds

$5,820,336

$659,227

 

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